Zacks Investment Research Upgrades Beigene (BGNE) to Buy
Beigene (NASDAQ:BGNE) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a research note issued on Tuesday. The brokerage currently has a $147.00 target price on the stock. Zacks Investment Research‘s price objective would suggest a potential upside of 4.67% from the company’s current price.
According to Zacks, “BeiGene, Ltd. is a biotechnology company which focused on immuno-oncological therapeutics. The company’s clinical-stage drug candidates include BGB-3111, BGB-283, BGB-290, and BGB-A317. BeiGene, Ltd. is based in Camana Bay, Cayman Islands. “
A number of other analysts also recently issued reports on the stock. BidaskClub downgraded shares of Beigene from a “buy” rating to a “hold” rating in a report on Saturday, January 5th. Maxim Group reissued a “buy” rating and issued a $170.00 price objective on shares of Beigene in a report on Thursday, January 3rd. Piper Jaffray Companies set a $200.00 price objective on shares of Beigene and gave the company a “buy” rating in a report on Sunday, December 2nd. Finally, JPMorgan Chase & Co. initiated coverage on shares of Beigene in a report on Wednesday, November 28th. They set an “overweight” rating and a $174.00 price target for the company. Three investment analysts have rated the stock with a hold rating, ten have assigned a buy rating and one has given a strong buy rating to the stock. The stock has an average rating of “Buy” and an average target price of $175.19.
Beigene (NASDAQ:BGNE) last announced its quarterly earnings results on Wednesday, November 7th. The company reported ($2.53) EPS for the quarter, beating the Zacks’ consensus estimate of ($2.97) by $0.44. Beigene had a negative net margin of 320.08% and a negative return on equity of 38.44%. The business had revenue of $54.20 million for the quarter, compared to analyst estimates of $47.06 million. During the same quarter in the prior year, the business earned $2.54 EPS. Beigene’s quarterly revenue was down 75.4% on a year-over-year basis. Equities analysts expect that Beigene will post -10.09 earnings per share for the current year.
In other Beigene news, CMO Amy C. Peterson sold 40,000 shares of the firm’s stock in a transaction on Monday, November 12th. The shares were sold at an average price of $120.20, for a total value of $4,808,000.00. Following the transaction, the chief marketing officer now directly owns 194,569 shares of the company’s stock, valued at $23,387,193.80. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Also, Director Xiaodong Wang sold 5,000 shares of the firm’s stock in a transaction on Monday, November 19th. The shares were sold at an average price of $124.30, for a total transaction of $621,500.00. Following the completion of the transaction, the director now directly owns 3,900 shares in the company, valued at $484,770. The disclosure for this sale can be found here. Insiders sold 130,122 shares of company stock worth $17,156,904 over the last ninety days. Insiders own 13.30% of the company’s stock.
Several institutional investors and hedge funds have recently added to or reduced their stakes in the stock. FMR LLC lifted its position in shares of Beigene by 1.7% during the third quarter. FMR LLC now owns 5,466,101 shares of the company’s stock valued at $941,371,000 after purchasing an additional 90,072 shares in the last quarter. Hsbc Holdings PLC lifted its position in shares of Beigene by 1,214.2% during the third quarter. Hsbc Holdings PLC now owns 2,628,418 shares of the company’s stock valued at $452,666,000 after purchasing an additional 2,428,418 shares in the last quarter. Capital Research Global Investors bought a new position in shares of Beigene during the third quarter valued at about $314,859,000. Canada Pension Plan Investment Board lifted its position in shares of Beigene by 12.1% during the third quarter. Canada Pension Plan Investment Board now owns 1,115,870 shares of the company’s stock valued at $192,175,000 after purchasing an additional 120,870 shares in the last quarter. Finally, Vanguard Group Inc lifted its position in shares of Beigene by 11.0% during the third quarter. Vanguard Group Inc now owns 1,064,236 shares of the company’s stock valued at $183,283,000 after purchasing an additional 105,702 shares in the last quarter. 76.70% of the stock is currently owned by institutional investors.
Beigene Company Profile
BeiGene, Ltd. develops and commercializes molecularly-targeted and immuno-oncology drugs for the treatment of cancer. Its commercial products include ABRAXANE, a chemotherapy product for the treatment of breast, non-small cell lung, pancreatic, and gastric cancer; REVLIMID, an oral immunomodulatory drug for the treatment of multiple myeloma in combination with dexamethasone; and VIDAZA, a pyrimidine nucleoside analog for the treatment of intermediate-2 and myelodysplastic syndromes, chronic myelomonocyte leukemia, and acute myeloid leukemia with 20% to 30% blasts and multi-lineage dysplasia.
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